Bitcoin surged above $90,000 for the first time since March, rising over 5% to $91,605.01 on Tuesday, upping concerns over volatility in the stock market.
It briefly touched $91,752.00 and is now up more than 8% over two days, rebounding 22% from its April low, report by Coin Metrics shows.
The rally comes amid continued stock market turbulence and a weakening dollar.
U.S. equities dropped Monday after Donald Trump intensified pressure on Fed Chair Jerome Powell to cut rates. Stocks bounced back Tuesday, but investors are still seeking alternatives.
Spot Bitcoin ETFs recorded $381.4 million in inflows Monday—the largest since Jan. 30 and the fourth in five sessions.
“Bitcoin continues showing signs of resilience,” said Ed Engel of Compass Point. “Bitcoin’s correlation with equities historically approaches 1.0 during macro sell-offs; however, its 30-day correlation with the S&P is just 0.65.”
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Engel added, “While we’re constructive on bitcoin’s recent decoupling, recent strength comes alongside light trading volumes… That said, bitcoin’s long-term holders remain steadfast and buying from Strategy is picking up as bitcoin’s liquidity declines.”
Chart analyst Katie Stockton said clearing the $88,000 resistance would be a positive sign, with the next key level near $95,900.
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